What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2021-02-04 compared with 2020-11-05 · 354 added, 400 removed, 3209 unchanged (19% of the section changed)

3 unchanged sentences

(In thousands, except share and per share data)

September 30, 2020 March 31, 2020

December 31, 2020 March 31, 2020

Investments at fair value:

33 unchanged sentences

(In thousands, except per share data)

Three Months Ended September 30, Six Months Ended September 30,

Three Months Ended December 31, Nine Months Ended December 31,

2020 2019 2020 2019

47 unchanged sentences

(In thousands, except share data)

Three Months Ended September 30, Six Months Ended September 30,

Three Months Ended December 31, Nine Months Ended December 31,

2020 2019 2020 2019

21 unchanged sentences

(In thousands)

Six Months Ended September 30,

Nine Months Ended December 31,

Operating Activities

37 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

December 31, 2020

(In thousands, except share data)

1 unchanged sentence

Advertising, Printing & Publishing

Learfield Communications

A-L Parent LLC Second Lien Secured Debt 8.25% (1M L+725, 1.00% Floor) 12/02/24 $ 5,536 $ 5,507 $ 3,654

FingerPaint Marketing

KL Charlie Acquisition Company First Lien Secured Debt 7.25% (3M L+625, 1.00% Floor) 12/30/26 $ 13,212 $ 12,948 12,947 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/30/26 2,190 (43) (44) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 12/30/26 4,379 (43) (88) (8)(9)

KL Charlie Co-Invest, L.P.

Common Equity - Common Stock N/A N/A 218,978 Shares 219 219 (9)(13)

13,081 13,034

Simplifi Holdings, Inc.

1 unchanged sentence

First Lien Secured Debt 7.25% (6M L+625, 1.00% Floor) 08/02/25 38,537 37,986 37,612 (9)

First Lien Secured Debt - Revolver 7.00% (3M L+600, 1.00% Floor) 08/02/25 1,200 1,200 1,163 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 08/02/25 2,400 (42) (58) (8)(9)

4 unchanged sentences

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 04/28/22 6,198 (124) (93) (8)(9)

First Lien Secured Debt - Letters of Credit 7.50% 10/01/20 - 07/15/22 2,246 — (43) (8)(9)

First Lien Secured Debt - Letter of Credit 7.50% 01/10/21 - 11/23/22 1,472 — (21) (8)(9)

Total Aerospace & Defense $ 28,206 $ 27,791

17 unchanged sentences

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/13/24 560 (56) (9) (8)(9)

First Lien Secured Debt - Letters of Credit 6.25% 11/30/20 - 12/21/20 94 — (1) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 12/14/26 3,708 (77) (78) (8)(9)

TL Lighting Holdings, LLC Common Equity - Equity N/A N/A 350 Shares 350 301 (9)(13)

25,359 25,324

Total Automotive $ 59,294 $ 55,474

First Lien Secured Debt - Letter of Credit 6.25% 11/30/21 - 12/21/21 94 — (2) (8)(9)

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

December 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (26) Fair Value (1)(27)

TL Lighting Holdings, LLC Common Equity - Equity N/A N/A 350 Shares 350 302 (9)(13)

30,767 30,651

Total Automotive $ 63,298 $ 59,425

Aviation and Consumer Transport

14 unchanged sentences

Eagle Foods Family Group, LLC First Lien Secured Debt 7.50% (3M L+650, 1.00% Floor) 06/14/24 23,958 23,803 23,599 (9)

First Lien Secured Debt - Revolver 7.50% (3M L+650, 1.00% Floor) 06/14/23 1,333 1,333 1,300 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.00% Unfunded 06/14/23 3,750 (21) (56) (8)(9)

5 unchanged sentences

Florida Food Products, LLC First Lien Secured Debt - Revolver 7.50% (3M L+650, 1.00% Floor) 09/06/23 479 479 475 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 09/06/23 1,233 (23) (12) (8)(9)

25,630 25,984

3 unchanged sentences

TNT Crust LLC First Lien Secured Debt 7.75% (3M L+675, 1.00% Floor) 11/06/23 20,428 20,153 20,123 (9)

First Lien Secured Debt - Revolver 7.75% (3M L+675, 1.00% Floor) 11/06/23 1,236 1,236 1,211 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 11/06/23 3,252 (40) (49) (8)(9)

1 unchanged sentence

20,143 20,359

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (26) Fair Value (1)(27)

IC Holdings LLC Common Equity - Series A Units N/A N/A 169 Shares 169 385 (9)(13)

LLC First Lien Secured Debt 7.00% (1M L+600, 1.00% Floor) 05/30/25 19,562 19,273 19,366 (9)

First Lien Secured Debt 7.75% (P+450) 05/30/25 22 22 22 (9)

First Lien Secured Debt 7.00% (12M L+600, 1.00% Floor) 05/30/25 2,787 2,762 2,759 (9)

First Lien Secured Debt 8.25% (P+500) 05/30/25 8 8 8 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 05/31/24 4,494 (61) (45) (8)(9)

2 unchanged sentences

Total Beverage, Food & Tobacco $ 93,671 $ 95,116

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (29) Fair Value (1)(30)

Business Services

14 unchanged sentences

Preferred Equity - Preferred Equity N/A N/A 775 Shares 78 78 (9)(13)

CT Technologies Intermediate Holdings, Inc

CT Technologies Intermediate Holdings, Inc Second Lien Secured Debt 10.00% (1M L+900, 1.00% Floor) 12/01/22 31,253 30,887 29,690 (9)

Education Personnel

6 unchanged sentences

EHL Merger Sub, LLC First Lien Secured Debt - Unfunded Revolver 0.25% Unfunded 08/01/24 4,155 (273) (141) (8)(21)

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (26) Fair Value (1)(27)

Jacent Strategic Merchandising First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 04/23/24 22,409 22,186 21,640 (9)

5 unchanged sentences

25,229 24,389

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (29) Fair Value (1)(30)

Jones & Frank

7 unchanged sentences

First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 12/19/24 23,110 22,803 22,814 (9)

First Lien Secured Debt - Revolver 6.75% (1M L+575, 1.00% Floor) 12/19/24 1,601 1,579 1,566 (9)(23)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 12/19/24 881 (82) (18) (8)(9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/19/24 1,601 (21) (18) (8)(9)

Margaux UK Finance Limited First Lien Secured Debt 6.75% (3M GBPL+575, 1.00% Floor) 12/19/24 £ 7,201 8,979 9,749 (9)(17)

First Lien Secured Debt 6.75% (3M GBPL+575, 1.00% Floor) 12/19/24 £ 1,353 1,687 1,716 (9)(17)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/19/24 £ 541 (9) (8) (8)(9)

4 unchanged sentences

First Lien Secured Debt - Revolver 8.00% (1M L+700, 1.00% Floor) 12/29/22 300 295 290 (9)(23)

15,829 15,530

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/29/22 200 — — (9)(21)

PSI Services, LLC

9 unchanged sentences

37,944 37,589

Soliant Holdings, LLC First Lien Secured Debt 6.50% (1M L+550, 1.00% Floor) 12/31/26 17,973 17,652 17,454 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/31/24 1,936 (33) (40) (8)(9)

Soliant Health, Inc.

Common Equity - Membership Interests N/A N/A 300 Shares 300 289 (9)(13)

17,919 17,703

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

December 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (26) Fair Value (1)(27)

Soliant Holdings, LLC First Lien Secured Debt 6.50% (1M L+550, 1.00% Floor) 12/31/26 17,928 17,621 17,614 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/31/24 1,936 (31) (21) (8)(9)

Soliant Health, Inc.

Common Equity - Membership Interests N/A N/A 300 Shares 300 320 (9)(13)

17,890 17,913

Transplace Holdings, Inc.

5 unchanged sentences

First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 12/02/24 24,312 23,988 22,721 (9)

First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 12/02/24 4,627 4,557 4,317 (9)

First Lien Secured Debt - Revolver 5.97% (3M L+575, 0.00% Floor) 12/02/24 536 536 498 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/02/24 1,508 (21) (101) (8)(9)

First Lien Secured Debt - Letters of Credit 5.75% 10/15/20 - 06/06/21 101 — (7) (8)(9)

First Lien Secured Debt - Letter of Credit 5.75% 05/23/21 - 12/31/21 101 — (6) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 12/02/24 670 (7) (26) (8)(9)

12 unchanged sentences

First Lien Secured Debt 7.25% (1M L+625, 1.00% Floor) 09/13/24 15,820 15,616 15,241 (9)

First Lien Secured Debt 7.25% (3M L+625, 1.00% Floor) 09/13/24 631 621 604 (9)

First Lien Secured Debt - Revolver 7.25% (1M L+625, 1.00% Floor) 09/13/24 1,750 1,750 1,685 (9)(23)

First Lien Secured Debt - Revolver 8.50% (P+525) 09/13/24 269 269 257 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 09/13/24 269 (25) (10) (8)(9)

17,341 16,916

11 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

December 31, 2020

(In thousands, except share data)

2 unchanged sentences

A&V Holdings Midco, LLC First Lien Secured Debt 6.38% (6M L+538, 1.00% Floor) 03/10/27 $ 10,997 $ 10,641 $ 10,271

First Lien Secured Debt 6.38% (6M L+538, 1.00% Floor) 03/10/27 10,997 10,627 10,337

First Lien Secured Debt - Unfunded Revolver 0.375% Unfunded 03/10/25 1,505 (113) (138) (8)(21)

5 unchanged sentences

First Lien Secured Debt - Letter of Credit 3.00% 02/05/21 £ 7 — — (23)

First Lien Secured Debt - Letters of Credit 3.00% 11/06/20 - 03/16/21 118 — (3) (8)(23)

First Lien Secured Debt - Letter of Credit 3.00% 03/08/21 - 12/31/21 102 — (2) (8)(23)

KLO Holdings, LLC

4 unchanged sentences

(4) First Lien Secured Debt 11.55% (3M L+775 Cash plus 2.00% PIK) 04/07/22 3,836 — — (13)(14)

KLO Acquisition LLC (4) First Lien Secured Debt 11.25% (3M L+775 Cash plus 2.00% PIK) 04/07/22 5,657 4,808 — (13)(14)

Liqui-Box Holdings, Inc.

First Lien Secured Debt - Revolver 5.50% (3M L+450, 1.00% Floor) 02/26/25 1,661 1,661 1,656 (23)

First Lien Secured Debt - Revolver 6.75% (P+350) 02/26/25 190 190 189 (23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 02/26/25 1,635 (30) (5) (8)(21)

First Lien Secured Debt - Letter of Credit 4.50% 06/30/21 € 42 — — (23)

First Lien Secured Debt - Letters of Credit 4.50% 10/01/20 - 09/27/21 32 — — (23)

First Lien Secured Debt - Letter of Credit 4.50% 09/27/21 - 12/31/24 32 — — (23)

NSi Industries

11 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

December 31, 2020

(In thousands, except share data)

22 unchanged sentences

14,111 13,755

Lash OpCo, LLC First Lien Secured Debt 9.25% (P+600, 1.00% Floor) 03/18/26 6,803 6,634 6,633 (9)

Lash OpCo, LLC First Lien Secured Debt 9.25% (P+600) 03/18/26 10,248 10,001 9,967 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 09/18/25 697 (16) (20) (8)(9)

1 unchanged sentence

First Lien Secured Debt 7.50% (1M L+650, 1.00% Floor) 01/08/26 12,379 12,171 12,379 (9)

First Lien Secured Debt - Revolver 7.50% (1M L+650, 1.00% Floor) 01/08/25 1,150 1,150 1,137 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 01/08/25 2,300 (37) — (9)(21)

12,134 12,379

Sequential Brands Group, Inc.

Second Lien Secured Debt 9.75% (1M L+875, 1.00% Floor) 02/07/24 12,880 12,813 12,300 (17)

Total Consumer Goods – Non-durable $ 109,424 $ 107,640

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

December 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (26) Fair Value (1)(27)

Sequential Brands Group, Inc.

Second Lien Secured Debt 9.75% (1M L+875, 1.00% Floor) 02/07/24 12,922 12,850 12,293 (17)

Total Consumer Goods – Non-durable $ 107,194 $ 104,704

Consumer Services

8 unchanged sentences

19,118 18,916

Go Car Wash Management Corp.

First Lien Secured Debt 6.75% (1M L+575, 1.00% Floor) 12/31/26 1,667 1,638 1,629 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/31/26 417 (7) (9) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 12/31/26 2,917 (25) (66) (8)(9)

Lending Point

LendingPoint LLC First Lien Secured Debt 11.50% (3M L+1050, 1.00% Floor) 12/30/25 11,375 11,261 11,261 (9)

First Lien Secured Debt - Revolver 6.75% (3M L+575, 1.00% Floor) 12/30/25 633 633 627 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/30/25 367 (10) (4) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 12/30/25 6,125 (61) (61) (8)(9)

11,823 11,823

Nutrisystem, Inc.

First Lien Secured Debt 7.50% (3M L+650, 1.00% Floor) 12/08/25 8,800 8,625 8,624

First Lien Secured Debt - Revolver 7.50% (3M L+650, 1.00% Floor) 12/08/25 48 48 47 (23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/08/25 152 (4) (3) (8)(21)

Only About Children

3 unchanged sentences

First Lien Secured Debt 8.00% (3M L+700, 1.00% Floor) 05/22/24 11,325 11,171 8,947 (9)

First Lien Secured Debt 12.25% (P+900) 02/01/21 1,027 984 811 (9)

First Lien Secured Debt - Revolver 9.25% (P+600) 05/22/24 1,890 1,890 1,493 (9)(23)

First Lien Secured Debt - Revolver 8.00% (3M L+700, 1.00% Floor) 05/22/24 1,191 1,150 941 (9)(23)

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (26) Fair Value (1)(27)

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 02/01/21 556 — — (9)(21)

Preferred Equity - Preferred Equity N/A N/A 497 Shares — — (9)(13)

Common Equity - Class A Common Stock N/A N/A 7,167 Shares — — (9)(13)

14,211 11,381

2 unchanged sentences

The Club Company

Eldrickco Limited First Lien Secured Debt 6.75% (6M GBPL+625, 0.50% Floor) 11/21/25 £ 10,619 13,288 12,808 (9)(17)

First Lien Secured Debt - Revolver 6.25% (6M GBPL+575, 0.50% Floor) 05/21/25 £ 345 395 421 (9)(17)

Eldrickco Limited First Lien Secured Debt 6.75% (6M GBPL+625 PIK, 0.50% Floor) 11/21/25 £ 10,975 13,781 14,154 (9)(17)

First Lien Secured Debt - Revolver 6.75% (6M GBPL+625 PIK, 0.50% Floor) 05/21/25 £ 356 410 458 (9)(17)

First Lien Secured Debt - Unfunded Delayed Draw 1.93% Unfunded 11/21/25 £ 3,933 (90) (264) (8)(9)

2 unchanged sentences

Tidewater Consumer Receivables, LLC First Lien Secured Debt 5.90% (1M L+575) 06/30/22 2,522 2,508 2,566 (9)(17)

First Lien Secured Debt 5.90% (1M L+575) 06/30/22 3,761 3,736 3,723 (9)(17)

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (29) Fair Value (1)(30)

Auto Finance, Inc.

2 unchanged sentences

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 04/17/22 9,594 (45) (52) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 04/17/22 8,222 (26) — (9)(21)

15,645 15,552

12 unchanged sentences

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 08/28/24 192 (2) (2) (8)(9)

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (26) Fair Value (1)(27)

Flock Financial, LLC

Flock SPV I, LLC First Lien Secured Debt 7.50% (1M L+650) 08/30/22 14,000 13,962 13,801 (9)(17)

First Lien Secured Debt - Revolver 7.50% (1M L+650) 08/30/22 533 533 526 (9)(17)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 08/30/22 800 (6) (11) (8)(9)

Flock SPV I, LLC First Lien Secured Debt 7.50% (1M L+650, 1.00% Floor) 08/30/22 14,533 14,500 14,298 (9)(17)

First Lien Secured Debt - Revolver 7.50% (1M L+650, 1.00% Floor) 08/30/22 1,333 1,328 1,312 (9)(17)

First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 08/30/22 4,133 (44) (67) (8)(9)

3 unchanged sentences

Purchasing Power Funding I, LLC First Lien Secured Debt - Revolver 6.65% (1M L+650) 01/24/22 9,113 9,112 9,020 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.40% Unfunded 01/24/22 797 — (10) (8)(9)

Taupo River II, LLC

Taupo River II, LLC First Lien Secured Debt 6.25% (3M L+525, 1.00% Floor) 12/06/20 815 814 815 (9)(17)

Ten-X, LLC First Lien Secured Debt - Revolver 3.40% (1M L+325) 09/29/22 4,680 4,533 4,454 (23)

Total Diversified Investment Vehicles, Banking, Finance, Real Estate $ 70,344 $ 63,272

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (29) Fair Value (1)(30)

SSCP Spring Bidco Limited First Lien Secured Debt 6.75% (6M GPBL+625, 0.50% Floor) 07/30/25 £ 30,000 $ 36,118 $ 40,558 (9)(17)

1 unchanged sentence

Energy – Electricity

AMP Solar Group, Inc.

(4) Common Equity - Class A Common Unit N/A N/A 243,646 Shares $ 10,000 $ 8,570 (13)(17)

Renew Financial LLC (f/k/a Renewable Funding, LLC)

2 unchanged sentences

Preferred Equity - Series D Preferred Stock N/A N/A 436,689 Shares 5,568 223 (13)(25)

Preferred Equity - Series E Preferred Stock N/A N/A 441,576 Shares 1,902 4,902 (13)(17)

Renew JV LLC (4) Common Equity - Membership Interests N/A N/A 741,526 Shares 742 861 (13)(17)

10 unchanged sentences

Common Equity - Common Stock N/A N/A 5,000,000 Shares 30,078 — (13)(25)

67,004 10,333

Pelican Energy, LLC (4) Common Equity - Membership Interests N/A N/A 1,444 Shares $ 16,764 $ 2,170 (13)(16)

SHD Oil & Gas, LLC (5) First Lien Secured Debt - Tranche C Note 12.00% 07/31/21 24,728 24,728 25,470

First Lien Secured Debt - Tranche A Note 4.00% 07/31/21 45,917 44,528 16,820 (13)(14)

First Lien Secured Debt - Tranche B Note 3.00% PIK 07/31/21 85,777 44,380 — (13)(14)

Common Equity - Series A Units N/A N/A 7,600,000 Shares 1,411 — (13)(16)

115,047 42,290

Total Energy – Oil & Gas $ 198,815 $ 54,793

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

December 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (26) Fair Value (1)(27)

SHD Oil & Gas, LLC (5) First Lien Secured Debt - Tranche A Note 4.00% 07/31/21 45,917 44,059 6,895 (13)(14)

First Lien Secured Debt - Tranche B Note 3.00% PIK 07/31/21 86,435 44,380 — (13)(14)

First Lien Secured Debt - Tranche C Note 12.00% 07/31/21 24,728 24,728 25,470 (16)

Common Equity - Series A Units N/A N/A 7,600,000 Shares 1,411 — (13)(16)

114,578 32,365

Total Energy – Oil & Gas $ 198,346 $ 42,714

Environmental Industries

2 unchanged sentences

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 01/29/26 956 (62) (16) (8)(9)

First Lien Secured Debt - Letters of Credit 5.50% 02/26/21 - 06/30/21 207 — (3) (8)(9)

First Lien Secured Debt - Letter of Credit 5.50% 02/26/21 - 06/30/21 207 — (4) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 0.75% Unfunded 01/29/27 2,623 (59) (52) (8)(9)

2 unchanged sentences

Ortega National Parks, LLC First Lien Secured Debt 6.25% (6M L+525, 1.00% Floor) 10/31/25 11,632 11,449 11,099 (9)

First Lien Secured Debt - Revolver 6.25% (1M L+525, 1.00% Floor) 10/31/25 2,049 2,014 1,958 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 10/31/25 1,366 (33) (63) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 10/31/25 6,202 (54) (285) (8)(9)

1 unchanged sentence

Total Environmental Industries $ 31,984 $ 31,352

Food & Grocery

Bumble Bee Foods S.À R.L.

Connors Bros Clover Leaf Seafoods Company First Lien Secured Debt N/A 01/31/24 $ 126 $ — $ —

Bumble Bee Holdings Inc First Lien Secured Debt N/A 01/31/24 443 — —

Tonos US LLC First Lien Secured Debt 8.75% (3M L+725, 1.50% Floor) 01/31/24 9,454 9,561 9,454

Total Food & Grocery $ 9,561 $ 9,454

Healthcare & Pharmaceuticals

Akoya Biosciences, Inc.

First Lien Secured Debt 7.85% (1M L+635, 1.50% Floor) 10/27/25 $ 9,750 $ 9,720 $ 9,701 (9)

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 10/27/25 1,500 (7) (8) (8)(9)

Altasciences, Inc.

1 unchanged sentence

First Lien Secured Debt 6.75% (1M L+575, 1.00% Floor) 06/09/23 2,817 2,793 2,769 (9)(17)

First Lien Secured Debt 8.49% (3M CADL+625, 1.00% Floor) 06/09/23 C$ 2,345 1,728 1,716 (9)(17)

First Lien Secured Debt 8.00% (1M CBA +575, 1.00% Floor) 06/09/23 C$ 2,337 1,726 1,803 (9)(17)

Altasciences US Acquistion, Inc.

First Lien Secured Debt 6.75% (1M L+575, 1.00% Floor) 06/09/23 5,950 5,889 5,846 (9)

First Lien Secured Debt - Revolver 7.25% (3M L+625, 1.00% Floor) 06/09/23 392 392 383 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 06/09/23 1,426 (13) (25) (8)(9)

2 unchanged sentences

AVG Intermediate Holdings LLC First Lien Secured Debt 9.75% (1M L+825, 1.50% Floor) 02/08/24 13,225 13,040 13,206 (9)

Amerivet Partners Management, Inc.

First Lien Secured Debt 9.75% (3M L+825, 1.50% Floor) 02/08/24 2,975 2,911 2,971 (9)

First Lien Secured Debt 7.25% (6M L+625, 1.00% Floor) 06/05/24 26,310 25,884 26,015 (9)

First Lien Secured Debt - Revolver 8.50% (P+525) 06/05/24 524 524 518 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 06/05/24 282 (12) (3) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 06/05/24 6,952 (83) (78) (8)(9)

15,951 16,177

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

December 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (26) Fair Value (1)(27)

Amerivet Partners Management, Inc.

First Lien Secured Debt 6.25% (3M L+525, 1.00% Floor) 06/05/24 511 504 509 (9)

First Lien Secured Debt 6.25% (6M L+525, 1.00% Floor) 06/05/24 26,945 26,540 26,847 (9)

First Lien Secured Debt 6.25% (2M L+525, 1.00% Floor) 06/05/24 1,010 998 1,007 (9)

First Lien Secured Debt - Revolver 7.50% (P+425) 06/05/24 524 524 522 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 06/05/24 282 (11) (1) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 06/05/24 5,432 (78) (20) (8)(9)

Amerivet Partners Parent LP Common Equity - Class D Partnership Units N/A N/A 13 Shares 125 217 (9)(13)

26 unchanged sentences

12,186 12,125

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (26) Fair Value (1)(27)

Genesis Healthcare, Inc.

4 unchanged sentences

24,493 23,056

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (29) Fair Value (1)(30)

First Lien Secured Debt 9.00% (1M L+700, 2.00% Floor) 01/01/25 6,000 5,988 6,097 (9)(17)

3 unchanged sentences

First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 08/31/26 9,004 8,904 8,840 (9)

First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 08/31/26 2,660 2,610 2,583 (9)

First Lien Secured Debt - Revolver 8.00% (P+475) 08/30/25 374 374 365 (9)(23)

First Lien Secured Debt - Revolver 6.75% (1M L+575, 1.00% Floor) 08/30/25 190 190 187 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 08/30/25 623 (6) (8) (8)(9)

17 unchanged sentences

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 08/01/24 8,667 (31) — (9)(21)

13,780 14,193

Maxor National Pharmacy Services, LLC

Maxor National Pharmacy Services, LLC First Lien Secured Debt 6.50% (3M L+550, 1.00% Floor) 11/22/23 23,649 23,341 23,306 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 11/22/22 1,558 (17) (18) (8)(9)

Warrants N/A N/A 444,936 Shares 76 1,142 (9)(13)

17,255 19,041

2 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

December 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (26) Fair Value (1)(27)

Maxor National Pharmacy Services, LLC

Maxor National Pharmacy Services, LLC First Lien Secured Debt 6.50% (3M L+550, 1.00% Floor) 11/22/23 23,644 23,360 23,331 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 11/22/22 1,558 (15) (16) (8)(9)

23,345 23,315

Medical Guardian

2 unchanged sentences

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/31/24 5,410 (91) (41) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 12/31/24 5,714 (114) (43) (8)(9)

28,214 28,575

14 unchanged sentences

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 01/31/25 2,000 (31) (60) (8)(9)

ProPharma Group Intermediate, LLC First Lien Secured Debt 6.25% (1M L+575, 0.50% Floor) 07/12/23 € 6,308 7,149 7,398

First Lien Secured Debt 6.25% (1M L+575, 0.50% Floor) 07/12/23 £ 4,187 5,455 5,414

First Lien Secured Debt 6.25% (1M L+575, 0.50% Floor) 07/12/23 11,272 11,202 11,272

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 07/12/23 1,032 (6) — (21)(23)

23,800 24,084

Radius Health

6 unchanged sentences

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 08/02/24 433 (7) (5) (8)(9)

First Lien Secured Debt - Letter of Credit 4.50% 12/10/21 68 — (1) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 08/02/24 3,950 (29) (44) (8)(9)

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

December 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (26) Fair Value (1)(27)

First Lien Secured Debt - Letter of Credit 4.50% 12/10/20 68 — (1) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 08/02/24 3,950 (31) (66) (8)(9)

Rigel Pharmaceuticals

6 unchanged sentences

13,650 13,883

Wright Medical Group, Inc.

First Lien Secured Debt 8.85% (1M L+785, 1.00% Floor) 12/23/21 18,333 18,243 18,563 (9)(17)

First Lien Secured Debt - Revolver 5.00% (1M L+425, 0.75% Floor) 12/23/21 21,000 21,000 21,157 (9)(17)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/23/21 37,333 (159) — (9)(17)

39,084 39,720

Total Healthcare & Pharmaceuticals $ 406,146 $ 406,671

6 unchanged sentences

First Lien Secured Debt - Revolver 5.64% (1M L+550) 04/01/24 814 814 808 (9)(23)

First Lien Secured Debt - Revolver 6.59% (6M L+550) 04/01/24 581 581 567 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 04/01/24 814 (38) (6) (8)(9)

7 unchanged sentences

ChyronHego Corporation

ChyronHego Corporation First Lien Secured Debt 7.15% (P+390) 03/09/20 34,753 31,751 31,625 (27)

First Lien Secured Debt 7.93% (P+468) 03/09/20 3,725 3,725 3,650 (27)

First Lien Secured Debt 7.93% (P+468) 03/09/20 34,579 34,438 28,701 (27)

First Lien Secured Debt 7.93% (P+468) 09/30/20 2,000 2,000 1,960

First Lien Secured Debt - Revolver 7.15% (P+390) 03/09/20 5,050 5,050 4,848 (23)(27)

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (29) Fair Value (1)(30)

ChyronHego Corporation (5) First Lien Secured Debt 6.00% (3M L+500, 1.00% Floor) 12/31/22 84,100 81,183 81,577

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/31/22 6,000 — (180) (8)(21)

First Lien Secured Debt - Unfunded Delayed Draw 0.0% Unfunded 09/30/20 2,600 — (52) (8)(21)

76,481 70,704

Digital Reasoning

Digital Reasoning Systems, Inc.

First Lien Secured Debt 8.25% (1M L+625, 2.00% Floor) 08/01/24 3,750 3,729 3,744 (9)

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 08/01/24 1,250 (10) (2) (8)(9)

Warrants N/A N/A 48,596 Shares — 47 (9)(13)

FiscalNote, Inc.

First Lien Secured Debt 9.00% (1M L+800, 1.00% Floor) 08/21/23 28,555 28,111 27,949 (9)

Preferred Equity - Series F Preferred Stock N/A N/A 259,565 Shares 1,500 750 (9)(13)

Preferred Equity - Preferred Equity N/A N/A 7,800 Shares 6,000 5,662 (13)(25)

87,183 87,059

9 unchanged sentences

LabVantage Solutions Limited First Lien Secured Debt 8.50% (1M E+750, 1.00% Floor) 03/31/21 € 8,735 9,387 10,688 (17)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/29/20 € 3,435 1 — (17)(21)

17,313 18,626

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (26) Fair Value (1)(27)

Magnitude Software

3 unchanged sentences

Magnate Holding Corp.

First Lien Secured Debt 6.75% (6M L+625 PIK, 0.50% Floor) 12/16/24 17,423 17,251 12,252 (9)(17)

First Lien Secured Debt - Revolver 6.75% (6M L+625 PIK, 0.50% Floor) 12/14/23 2,114 2,114 1,486 (9)(17)

First Lien Secured Debt - Revolver 6.83% (6M L+625 PIK, 0.50% Floor) 12/14/23 682 682 480 (9)(17)

First Lien Secured Debt 7.75% (3M L+625 plus 1.00% PIK, 0.50% Floor) 12/16/24 17,768 17,604 14,094 (9)(17)

First Lien Secured Debt - Revolver 7.75% (6M L+625 plus 1.00% PIK, 0.50% Floor) 12/14/23 2,905 2,905 2,304 (9)(17)

First Lien Secured Debt - Unfunded Revolver 1.75% Unfunded 12/14/23 285 (29) (59) (8)(9)

1 unchanged sentence

20,480 16,310

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (29) Fair Value (1)(30)

Omnitracs, LLC

12 unchanged sentences

First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 12/23/26 3,659 (31) (61) (8)(21)

Telestream Holdings Corporation

Telestream Holdings Corporation First Lien Secured Debt 7.61% (3M L +645, 1.00% Floor) 03/24/22 37,885 37,739 37,033 (18)

MEP-TS Midco, LLC First Lien Secured Debt 7.50% (3M L+650, 1.00% Floor) 12/31/26 34 34 33 (9)

First Lien Secured Debt 7.50% (6M L+650, 1.00% Floor) 12/31/26 13,515 13,244 13,244 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/31/26 1,452 (29) (29) (8)(9)

13,249 13,248

Telnyx LLC First Lien Secured Debt 7.75% (1M L+625, 1.50% Floor) 10/21/25 5,250 5,206 5,198 (9)

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 10/21/25 4,750 (46) (47) (8)(9)

Total High Tech Industries $ 307,014 $ 303,484

Hotel, Gaming, Leisure, Restaurants

GFRC Holdings LLC First Lien Secured Debt 11.50% (1M L+1000 PIK, 1.50% Floor) 02/01/22 $ 2,647 $ 2,500 $ — (13)(14)

Total Hotel, Gaming, Leisure, Restaurants $ 2,500 $ —

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (26) Fair Value (1)(27)

PGM Holdings Corporation

5 unchanged sentences

First Lien Secured Debt 5.83% (6M GBPL+575) 07/21/25 £ 8,664 10,788 11,646 (9)(17)

First Lien Secured Debt 5.55% (6M GBPL+550) 07/21/25 £ 2,657 3,352 3,344 (9)(17)

First Lien Secured Debt 5.57% (2M GBPL+550) 07/21/25 £ 940 1,104 1,183 (9)(17)

First Lien Secured Debt 5.72% (6M GBPL+550) 07/21/25 £ 618 770 778 (9)(17)

First Lien Secured Debt 6.25% (6M GBPL+550) 07/21/25 £ 3,399 4,271 4,277 (9)(17)

21,792 23,522

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (29) Fair Value (1)(30)

Relation Insurance

4 unchanged sentences

First Lien Secured Debt - Letter of Credit 6.00% 04/30/21 38 — — (9)(23)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 04/15/25 1,047 (71) (19) (8)(9)

18,760 18,840

10 unchanged sentences

Kauffman Intermediate, LLC First Lien Secured Debt 7.50% (3M L+650, 1.00% Floor) 05/08/25 16,708 16,465 15,935 (9)

First Lien Secured Debt - Revolver 7.50% (1M L+650, 1.00% Floor) 05/08/25 155 155 151 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 05/08/25 1,632 (37) (76) (8)(9)

8 unchanged sentences

NW Entertainment, Inc.

First Lien Secured Debt 8.00% (1M L+700, 1.00% Floor) 08/16/24 $ 23,400 $ 23,036 $ 22,175 (9)

First Lien Secured Debt - Revolver 8.00% (1M L+700, 1.00% Floor) 08/16/24 3,000 2,954 2,832 (9)(23)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 08/16/24 3,000 (46) (157) (8)(9)

First Lien Secured Debt 10.00% (3M L+700 Cash plus 2.00% PIK, 1.00% Floor) 08/16/24 $ 26,187 $ 25,813 $ 24,833 (9)

First Lien Secured Debt - Revolver 10.00% (3M L+700 Cash plus 2.00% PIK, 1.00% Floor) 08/16/24 3,046 3,003 2,883 (9)(23)

28,816 27,716

1 unchanged sentence

NWE OPCO LP First Lien Secured Debt 8.50% (1M L+650, 2.00% Floor) 12/19/22 4,876 4,860 4,749 (9)

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (26) Fair Value (1)(27)

Sonar Entertainment

3 unchanged sentences

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 11/15/21 19,568 (116) (1,018) (8)(9)

10,617 10,284

Total Media – Diversified & Production $ 43,938 $ 41,319

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (29) Fair Value (1)(30)

Metals & Mining

Magnetation, LLC

Magnetation, LLC First Lien Secured Debt 9.91% (6M L+800 Cash (PIK Toggle)) 12/31/19 $ 1,213 $ 581 $ — (13)(14)

Total Metals & Mining $ 581 $ —

SI Holdings, Inc.

27 unchanged sentences

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/03/24 1,935 (62) (69) (8)(9)

First Lien Secured Debt - Letters of Credit 5.75% 02/05/21 - 02/06/21 355 — (11) (8)(9)

First Lien Secured Debt - Letter of Credit 5.75% 02/05/21 - 02/06/21 354 — (12) (8)(9)

31,874 30,759

MSEA Tankers LLC

MSEA Tankers LLC (5) Common Equity - Class A Units N/A N/A N/A 59,621 57,662 (17)(25)

Total Transportation – Cargo, Distribution $ 163,029 $ 137,617

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

December 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (26) Fair Value (1)(27)

MSEA Tankers LLC

MSEA Tankers LLC (5) Common Equity - Class A Units N/A N/A N/A 59,131 59,203 (17)(18)

Total Transportation – Cargo, Distribution $ 162,811 $ 137,234

Banner Solutions

7 unchanged sentences

Total Investments before Cash Equivalents $ 2,760,361 $ 2,476,867

Government Money Market Fund 25,825 25,825 25,825 (22)

Government Money Market Fund N/A N/A 32,854 $ 32,854 $ 32,854 (22)

Total Investments after Cash Equivalents $ 2,793,215 $ 2,509,721 (6)(7)

2 unchanged sentences

(2) Preferred and ordinary shares in Solarplicity UK Holdings Limited are GBP denominated equity investments.

Common shares in 1244311 B.C.

are CAD denominated equity investments.

(3) Denotes investments in which the Company owns greater than 25% of the equity, where the governing documents of each entity preclude the Company from exercising a controlling influence over the management or policies of such entity.

1 unchanged sentence

Therefore, the Company has determined that these entities are not controlled affiliates.

As of September 30, 2020, we had a 100% equity ownership interest in Golden Bear 2016-R, LLC, a collateralized loan obligation and 31% equity ownership in Carbonfree Chemicals SA LLC.

As of December 31, 2020, we had a 100% equity ownership interest in Golden Bear 2016-R, LLC, a collateralized loan obligation and 31% equity ownership in Carbonfree Chemicals SA LLC.

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

December 31, 2020

(In thousands, except share data)

(4) Denotes investments in which we are an “Affiliated Person,” as defined in the 1940 Act, due to holding the power to vote or owning 5% or more of the outstanding voting securities of the investment but not controlling the company.

Fair value as of March 31, 2020 and September 30, 2020 along with transactions during the six months ended September 30, 2020 in these affiliated investments are as follows:

Name of Issuer Fair Value at March 31, 2020 Gross Additions ● Gross Reductions ■ Net Change in Unrealized Gains (Losses) Fair Value at September 30, 2020 Net Realized Gains (Losses) Interest/Dividend/Other Income

Fair value as of March 31, 2020 and December 31, 2020 along with transactions during the nine months ended December 31, 2020 in these affiliated investments are as follows:

Name of Issuer Fair Value at March 31, 2020 Gross Additions ● Gross Reductions ■ Net Change in Unrealized Gains (Losses) Fair Value at December 31, 2020 Net Realized Gains (Losses) Interest/Dividend/Other Income

Ltd., Common Stock $ — $ 1,000 $ — $ 444 $ 1,444 $ — $ —

13 unchanged sentences

Renew Financial LLC (f/k/a Renewable Funding, LLC), Series D Preferred Stock 2,101 — — (1,878) 223 — —

Renew Financial LLC (f/k/a Renewable Funding, LLC), Series E Preferred Stock — 1,902 — 3,000 4,902 — —

Renew JV LLC, Membership Interests 914 — (152) 99 861 — —

6 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

December 31, 2020

(In thousands, except share data)

(5) Denotes investments in which we are deemed to exercise a controlling influence over the management or policies of a company, as defined in the 1940 Act, due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of the investment.

Fair value as of March 31, 2020 and September 30, 2020 along with transactions during the six months ended September 30, 2020 in these controlled investments are as follows:

Name of Issuer Fair Value at March 31, 2020 Gross Additions ● Gross Reductions ■ Net Change in Unrealized Losses Fair Value at September 30, 2020 Net Realized Losses Interest/Dividend/Other Income

Fair value as of March 31, 2020 and December 31, 2020 along with transactions during the nine months ended December 31, 2020 in these controlled investments are as follows:

Name of Issuer Fair Value at March 31, 2020 Gross Additions ● Gross Reductions ■ Net Change in Unrealized Losses Fair Value at December 31, 2020 Net Realized Losses Interest/Dividend/Other Income

Majority Owned Company

ChyronHego Corporation, Preferred Equity $ — $ 6,000 $ — $ (338) $ 5,662 $ — $ —

ChyronHego Corporation, Term Loan — 81,183 — 394 81,577 — —

ChyronHego Corporation, Unfunded Revolver — — — (180) (180) — —

Dynamic Product Tankers, LLC, Class A Units 36,457 — — (11,185) 25,272 — —

11 unchanged sentences

(f/k/a Miller Energy Resources, Inc.), Common Stock — — — — — — —

SHD Oil & Gas, LLC, Series A Units — — — — — — —

SHD Oil & Gas, LLC, Tranche A Note 22,495 — (939) (14,661) 6,895 — —

5 unchanged sentences

■ Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

As of September 30, 2020, the Company had a 85%, 47%, 100%, 98% and 38% equity ownership interest in Dynamic Product Tankers, LLC;

As of December 31, 2020, the Company had a 85%, 47%, 100%, 98% and 38% equity ownership interest in Dynamic Product Tankers, LLC;

Glacier Oil & Gas Corp.

6 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

December 31, 2020

(In thousands, except share data)

15 unchanged sentences

(15) The underlying investments of AIC SPV Holdings II, LLC is a securitization in which the Company owns preferred shares representing 14.25% economic interest.

(16) AIC Spotted Hawk Holdings, LLC, AIC SHD Holdings, LLC and AIC Pelican Holdings, LLC are wholly-owned special purpose vehicles which only hold equity investments of the underlying portfolio companies and have no other significant assets or liabilities.

AIC Spotted Hawk Holdings, LLC and AIC SHD Holdings, LLC hold equity investments in SHD Oil & Gas, LLC.

(16) AIC Spotted Hawk Holdings, LLC, AIC SHD Holdings, LLC and AIC Pelican Holdings, LLC are wholly-owned special purpose vehicles which only hold investments of the underlying portfolio companies and have no other significant assets or liabilities.

AIC Spotted Hawk Holdings, LLC holds equity and debt investments in SHD Oil & Gas, LLC.

AIC SHD Holdings LLC holds equity investments in SHD Oil & Gas, LLC.

and equity investments in both Carbonfree Chemicals Holdings, LLC and Carbonfree Chemicals SA, LLC.

AIC Pelican Holdings, LLC holds an equity investment in Pelican Energy, LLC.

3 unchanged sentences

The Company monitors the status of these assets on an ongoing basis.

As of September 30, 2020, non-qualifying assets represented approximately 17.40% of the total assets of the Company.

(18) In addition to the interest earned based on the stated rate of this loan, the Company may be entitled to receive additional interest as a result of its arrangement with other lenders in a syndication.

As of December 31, 2020, non-qualifying assets represented approximately 16.82% of the total assets of the Company.

(18) As of December 31, 2020, MSEA Tankers, LLC had various classes of limited liability interests outstanding.

The Company holds Class A-1 and Class A-2 units, which are identical except that Class A-1 unit is voting and Class A-2 unit is non-voting.

The units entitle the Company to appoint two out of three managers to the board of managers.

(19) The Company holds some warrants for this investment as part of the restructuring of the underlying portfolio company.

The warrants have no cost and no fair value as of September 30, 2020.

The warrants have no cost and no fair value as of December 31, 2020.

(20) Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread.

4 unchanged sentences

LIBOR and EURIBOR loans may be subject to interest floors.

As of September 30, 2020, rates for 1M L, 2M L, 3M L, 6M L, 1M E, 3M E, 1M BBSW, 3M BBSW, 3M GBP L, 3M E L and Prime are 0.15%, 0.19%, 0.23%,0.26%, (0.53%), (0.50%), (0.04%), (0.04%), 0.06%, (0.52%) and 3.25%, respectively.

As of December 31, 2020, rates for 1M L, 2M L, 3M L, 6M L, 1M E, 3M E, 1M BBSW, 3M BBSW, 3M GBP L, 3M E L and Prime are 0.14%, 0.19%, 0.24%, 0.26%, (0.55%), (0.55%), (0.04%), (0.04%), 0.03%, (0.57%) and 3.25%, respectively.

(21) The rates associated with these undrawn committed revolvers and delayed draw term loans represent rates for commitment and unused fees.

3 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

December 31, 2020

(In thousands, except share data)

(23) As of September 30, 2020, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies.

(23) As of December 31, 2020, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies.

Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied.

2 unchanged sentences

A&V Holdings Midco, LLC $ 1,505 $ — $ — $ 1,505

Akoya Biosciences, Inc.

1,500 — — 1,500

Altasciences US Acquistion, Inc.* 1,426 — — 1,426

18 unchanged sentences

Continuum Global Solutions, LLC 20,000 1,728 — 18,272

Digital Reasoning Systems, Inc.

1,250 — — 1,250

Dispatch Acquisition Holdings, LLC 5,869 2,083 207 3,579

12 unchanged sentences

24,000 — — 24,000

Go Car Wash Management Corp.

3,334 — — 3,334

Gutter Buyer, Inc.

9 unchanged sentences

Kindeva Drug Delivery L.P.

KL Charlie Acquisition Company 6,569 — — 6,569

Kure Pain Holdings, Inc.

2,654 — — 2,654

LabVantage Solutions Limited* 4,028 — — 4,028

Lash OpCo, LLC 697 — — 697

LendingPoint LLC 7,125 633 — 6,492

Lifelong Learner Holdings, LLC 5,373 1,039 — 4,334

3 unchanged sentences

3,330 2,905 140 285

Mannkind Corporation 8,667 — — 8,667

Margaux Acquisition Inc.

2,482 1,601 — 881

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

December 31, 2020

(In thousands, except share data)

Name of Issuer Total Commitment Drawn Commitment Letters of Credit Undrawn Commitment

Mannkind Corporation 8,667 — — 8,667

Margaux Acquisition Inc.

1,601 — — 1,601

Margaux UK Finance Limited* 740 — — 740

2 unchanged sentences

Medical Guardian, LLC 11,429 305 — 11,124

MEP-TS Midco, LLC 1,452 — — 1,452

Merx Aviation Finance, LLC 200,177 200,000 177 —

2 unchanged sentences

Newscycle Solutions, Inc.

500 300 — 200

Norvax, LLC 3,182 — — 3,182

Nutrisystem, Inc.

NW Entertainment, Inc.

14 unchanged sentences

5,770 — — 5,770

ProPharma Group Intermediate, LLC 1,032 — — 1,032

Protein For Pets Opco, LLC 2,219 — — 2,219

19 unchanged sentences

Telesoft Holdings, LLC 2,273 — — 2,273

Telnyx LLC 4,750 — — 4,750

Ten-X, LLC 4,680 4,680 — —

15 unchanged sentences

2,757 — 8 2,749

Wright Medical Group, Inc.

58,333 21,000 — 37,333

Total Commitments $ 744,505 $ 297,983 $ 3,045 $ 443,477

____________________

* These investments are in a foreign currency and the total commitment has been converted to USD using the September 30, 2020 exchange rate.

* These investments are in a foreign currency and the total commitment has been converted to USD using the December 31, 2020 exchange rate.

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

December 31, 2020

(In thousands, except share data)

(24) As of September 30, 2020, Dynamic Product Tankers, LLC had various classes of limited liability interests outstanding of which the Company holds Class A-1 and Class A-3 units which are identical except that Class A-1 unit is voting and Class A-3 unit is non-voting.

(24) As of December 31, 2020, Dynamic Product Tankers, LLC had various classes of limited liability interests outstanding of which the Company holds Class A-1 and Class A-3 units which are identical except that Class A-1 unit is voting and Class A-3 unit is non-voting.

The units entitle the Company to appoint three out of five managers to the board of managers.

(25) As of September 30, 2020, MSEA Tankers, LLC had various classes of limited liability interests outstanding of which the Company holds Class A-1 and Class A-2 units which are identical except that Class A-1 unit is voting and Class A-2 unit is non-voting.

The units entitle the Company to appoint two out of three managers to the board of managers.

(26) This investment has matured but is still held for any potential future cash proceeds.

No value has been attributed to these future recoveries.

(27) The maturity date for these investments are expected to be extended past September 30, 2020.

The final terms of the extension are still under negotiation between the Company and the respective portfolio company.

(25) Securities that are exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act.

As of September 30, 2020 the aggregate fair value of these securities is $255,354 or 25% of the Company's net assets.

As of December 31, 2020 the aggregate fair value of these securities is $250,768 or 25% of the Company's net assets.

The acquisition dates of the restricted securities are as follows:

3 unchanged sentences

Amerivet Partners Parent LP Common Equity - Class D Partnership Units 3/6/2020

AMP Solar Group, Inc.

Common Equity - Class A Common Unit 11/25/2014

Banner Parent Holdings, Inc Common Equity - Common Stock 10/31/2019

Butterfly Fighter Co-Invest, L.P.

Common Equity - Membership Interests 11/22/2019

Carbonfree Chemicals Holdings LLC Common Equity - Common Equity / Interest 11/19/2019

Carbonfree Chemicals SA LLC Common Equity - Class B Units 11/19/2019

Digital Reasoning Systems, Inc.

Warrants 12/2/2019

ChyronHego Corporation Preferred Equity - Preferred Equity 12/29/2020

Dynamic Product Tankers, LLC Common Equity - Class A Units 4/3/2015

1 unchanged sentence

(f/k/a Miller Energy Resources, Inc.) Common Equity - Common Stock 3/29/2016

HSI Halo Acquisition, Inc.

Common Equity - Common Stock 10/4/2019

JSM Equity Investors, L.P.

Preferred Equity - Class P Partnership Units 6/30/2020

KL Charlie Co-Invest, L.P.

Common Equity - Common Stock 12/29/2020

Merx Aviation Finance, LLC Common Equity - Membership Interests 5/22/2013

2 unchanged sentences

Preferred Equity - Preferred Equity 9/11/2020

Paper Source, Inc.

Common Equity - Class A Common Stock 10/30/2020

Pelican Energy, LLC Common Equity - Membership Interests 2/16/2016

1 unchanged sentence

Renew Financial LLC (f/k/a Renewable Funding, LLC) Preferred Equity - Series D Preferred Stock 10/1/2015

Renew Financial LLC (f/k/a Renewable Funding, LLC) Preferred Equity - Series E Preferred Stock 12/23/2020

Renew JV LLC Common Equity - Membership Interests 3/20/2017

SHD Oil & Gas, LLC Common Equity - Series A Units 11/18/2016

Soliant Health, Inc.

Common Equity - Membership Interests 12/31/2019

TL Lighting Holdings, LLC Common Equity - Equity 12/13/2019

Wildcat Parent LP Common Equity - Common Stock 2/27/2020

2 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

December 31, 2020

(In thousands, except share data)

(29) The following shows the composition of the Company’s portfolio at cost by control designation, investment type and industry as of September 30, 2020:

(26) The following shows the composition of the Company’s portfolio at cost by control designation, investment type and industry as of December 31, 2020:

Industry First Lien - Secured Debt Second Lien - Secured Debt Unsecured Debt Structured Products and Other Preferred Equity Common Equity/Interests Warrants Total

16 unchanged sentences

Environmental Industries 31,984 — — — — — — 31,984

Food & Grocery 9,561 — — — — — — 9,561

Healthcare & Pharmaceuticals 342,149 62,389 — — 333 1,064 211 406,146

High Tech Industries 219,831 — — — — — — 219,831

Hotel, Gaming, Leisure, Restaurants 2,500 — — — — — — 2,500

Insurance 54,191 — — — — — — 54,191

1 unchanged sentence

Media – Diversified & Production 43,938 — — — — — — 43,938

Metals & Mining 581 — — — — — — 581

Retail 42,714 — — — — — — 42,714

14 unchanged sentences

Energy – Oil & Gas 113,167 36,926 — — — 31,489 — 181,582

High Tech Industries 81,183 — — — 6,000 — — 87,183

Transportation – Cargo, Distribution — — 22,000 — — 108,937 — 130,937

4 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

December 31, 2020

(In thousands, except share data)

(30) The following shows the composition of the Company’s portfolio at fair value by control designation, investment type and industry as of September 30, 2020:

(27) The following shows the composition of the Company’s portfolio at fair value by control designation, investment type and industry as of December 31, 2020:

Industry First Lien - Secured Debt Second Lien - Secured Debt Unsecured Debt Structured Products and Other Preferred Equity Common Equity/Interests Warrants Total % of Net Assets

16 unchanged sentences

Environmental Industries 31,352 — — — — — — 31,352 3.1 %

Food & Grocery 9,454 — — — — — — 9,454 0.9 %

Healthcare & Pharmaceuticals 343,754 59,843 — — 501 1,301 1,272 406,671 40.0 %

High Tech Industries 216,425 — — — — — — 216,425 21.2 %

Hotel, Gaming, Leisure, Restaurants — — — — — — — — — %

Insurance 56,159 — — — — — — 56,159 5.5 %

1 unchanged sentence

Media – Diversified & Production 41,319 — — — — — — 41,319 4.1 %

Metals & Mining — — — — — — — — — %

Retail 42,173 — — — — — — 42,173 4.1 %

15 unchanged sentences

Energy – Oil & Gas 32,365 8,179 — — — — — 40,544 4.0 %

High Tech Industries 81,397 — — — 5,662 — — 87,059 8.6 %

Transportation – Cargo, Distribution — — 22,000 — — 84,475 — 106,475 10.5 %

6 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

December 31, 2020

(In thousands, except share data)

Industry Classification Percentage of Total Investments (at Fair Value) as of September 30, 2020

Industry Classification Percentage of Total Investments (at Fair Value) as of December 31, 2020

Healthcare & Pharmaceuticals 16.4%

Business Services 13.7%

Aviation and Consumer Transport 13.7%

Business Services 12.6%

High Tech Industries 12.3%

Transportation – Cargo, Distribution 5.5%

Beverage, Food & Tobacco 4.0%

Consumer Goods – Non-durable 4.3%

Consumer Services 4.3%

Beverage, Food & Tobacco 3.8%

Diversified Investment Vehicles, Banking, Finance, Real Estate 2.6%

Automotive 2.4%

Chemicals, Plastics & Rubber 2.1%

Energy – Oil & Gas 2.1%

Insurance 2.3%

Consumer Goods – Durable 1.8%

Chemicals, Plastics & Rubber 2.3%

Advertising, Printing & Publishing 2.0%

Consumer Goods – Durable 1.9%

Energy – Oil & Gas 1.7%

Media – Diversified & Production 1.7%

Manufacturing, Capital Equipment 1.5%

Education 1.6%

Manufacturing, Capital Equipment 1.6%

Environmental Industries 1.3%

Aerospace & Defense 1.2%

Construction & Building 1.1%

Aerospace & Defense 1.1%

Telecommunications 0.9%

Energy – Electricity 0.7%

Wholesale 0.5%

Food & Grocery 0.4%

Metals & Mining 0.0%

Hotel, Gaming, Leisure, Restaurants 0.0%

Energy – Electricity 0.4%

Containers, Packaging & Glass 0.0%

502 unchanged sentences

9360-1367 Quebec Inc.

First Lien Secured Debt 8.49% (3M CADL+625, 1.00% Floor) 06/09/23 C$ 2,357 $ 1,734 $ 1,602 (9)(17)

First Lien Secured Debt 8.49% (3M CADL+625, 1.00% Floor) 06/09/23 $ 2,357 $ 1,734 $ 1,602 (9)(17)

First Lien Secured Debt 7.32% (6M L+625, 1.00% Floor) 06/09/23 $ 2,821 2,787 2,730 (9)(17)

862 unchanged sentences

We commenced operations on April 8, 2004 receiving net proceeds of $870,000 from our initial public offering by selling 62 million shares of common stock at a price of $15.00 per share (20.7 million shares at a price of $45.00 per share adjusted for the one-for-three reverse stock split).

Since then, and through September 30, 2020, we have raised approximately $2,210,067 in net proceeds from additional offerings of common stock and repurchased common stock for $223,072.

Since then, and through December 31, 2020, we have raised approximately $2,210,067 in net proceeds from additional offerings of common stock and repurchased common stock for $223,072.

Apollo Investment Management, L.P.

18 unchanged sentences

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amounts of income, expenses, gains and losses during the reported periods.

Changes in the economic environment, financial markets, credit worthiness of our portfolio companies, the global outbreak of a novel coronavirus (COVID-19) during the first half of 2020 and any other parameters used in determining these estimates could cause actual results to differ materially.

Changes in the economic environment, financial markets, credit worthiness of our portfolio companies, the global outbreak of a novel coronavirus (COVID-19) during 2020 and any other parameters used in determining these estimates could cause actual results to differ materially.

APOLLO INVESTMENT CORPORATION

5 unchanged sentences

The outbreak has had and could continue to have an adverse impact on economic and market conditions and some economists, investment banks and The World Bank have indicated that current indicators point to a global recession that started in February 2020.

The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions.

The Company believes the estimates and assumptions underlying our financial statements are reasonable and supportable based on the information available as of September 30, 2020.

However uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of September 30, 2020 inherently less certain than they would be absent the current and potential impacts of COVID-19.

The rapid development and fluidity of this situation and vaccine development precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions.

The Company believes the estimates and assumptions underlying our financial statements are reasonable and supportable based on the information available as of December 31, 2020.

However uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of December 31, 2020 inherently less certain than they would be absent the current and potential impacts of COVID-19.

Actual results may ultimately differ from those estimates.

5 unchanged sentences

Cash and cash equivalents are carried at cost which approximates fair value.

Cash equivalents held as of September 30, 2020 was $25,825.

Cash equivalents held as of December 31, 2020 was $32,854.

Cash equivalents held as of March 31, 2020 was $37,301.

4 unchanged sentences

Restricted Cash , the Statements of Cash Flows outline the changes in cash, including both restricted and unrestricted cash, cash equivalents and foreign currencies.

As of September 30, 2020 and March 31, 2020 the Company did not hold any derivative contracts.

As of December 31, 2020 and March 31, 2020 the Company did not hold any derivative contracts.

Investment Transactions

51 unchanged sentences

When readily available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process.

During the six months ended September 30, 2020, there were no significant changes to the Company’s valuation techniques and related inputs considered in the valuation process.

During the nine months ended December 31, 2020, there were no significant changes to the Company’s valuation techniques and related inputs considered in the valuation process.

Derivative Instruments

12 unchanged sentences

In instances where models are used, the value of the OTC derivative is derived from the contractual terms of, and specific risks inherent in, the instrument as well as the availability and reliability of observable inputs, such as credit spreads.

As of September 30, 2020 and March 31, 2020, the Company did not hold any derivative contracts.

As of December 31, 2020 and March 31, 2020, the Company did not hold any derivative contracts.

Offsetting Assets and Liabilities

1 unchanged sentence

The fair values of these derivatives are presented on a gross basis, even when derivatives are subject to master netting agreements.

As of September 30, 2020 and March 31, 2020, the Company did not hold any derivative contracts.

As of December 31, 2020 and March 31, 2020, the Company did not hold any derivative contracts.

Valuation of Other Financial Assets and Financial Liabilities

70 unchanged sentences

For income tax purposes, distributions made to stockholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof.

The tax character of distributions paid to stockholders through September 30, 2020 may include return of capital, however, the exact amount cannot be determined at this point.

The tax character of distributions paid to stockholders through December 31, 2020 may include return of capital, however, the exact amount cannot be determined at this point.

The final determination of the tax character of distributions will not be made until we file our tax return for the tax year ending March 31, 2021.

13 unchanged sentences

Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other operating expenses in the financial statements.

As of September 30, 2020, there were no uncertain tax positions and no amounts accrued for interest or penalties.

As of December 31, 2020, there were no uncertain tax positions and no amounts accrued for interest or penalties.

Management’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof.

18 unchanged sentences

These rules amend certain SEC disclosure requirements to improve disclosure for investors and to simplify compliance for registrants, including new requirements for human capital disclosures and a summary of risk factors.

The final rules are effective for all filings on or after November 9, 2020.

The final rules were effective for all filings on or after November 9, 2020.

The Company has evaluated the impact of the amendments and determined the effect of the adoption of the simplification rules on the financial statements were limited to the modification of certain disclosures.

1 unchanged sentence

The new definition includes an alternative income measure to determine a “significant subsidiary”.

The final rule will be effective on January 1, 2021, but voluntary compliance is permitted in advance of the effective date.

The Company has elected to implement this new rule for the current period.

The final rule was effective on January 1, 2021, but voluntary compliance was permitted in advance of the effective date.

The Company has implemented this new rule for the current period.

See Note 5 to the financial statements for more information on the Company’s unconsolidated significant subsidiaries.

In November 2020, the SEC issued Final Rule Release No.

33-10890, which amended certain SEC disclosure requirements to primarily enhance and simplify Management’s Discussion and Analysis and supplementary financial information.

The final rule is effective for all filings on or after February 10, 2021.

The Company is evaluating the potential impact that the amendment will have on the Company’s financial statements.

Related Party Agreements and Transactions

37 unchanged sentences

The accrual of this theoretical capital gains incentive fee assumes all unrealized capital gain and loss is realized in order to reflect a theoretical capital gains incentive fee that would be payable to the Investment Adviser at each measurement date.

There was no accrual for theoretical capital gains incentive fee for the three and six months ended September 30, 2020 and 2019.

There was no accrual for theoretical capital gains incentive fee for the three and nine months ended December 31, 2020 and 2019.

It should be noted that a fee so calculated and accrued would not be payable under the Investment Advisers Act of 1940 (the “Advisers Act”) or the investment advisory management agreement, and would not be paid based upon such computation of capital gains incentive fees in subsequent periods.

Amounts actually paid to the Investment Adviser will be consistent with the Advisers Act and formula reflected in the investment advisory management agreement which specifically excludes consideration of unrealized capital gain.

For the three and six months ended September 30, 2020, the Company recognized $9,262 and $18,786 respectively, of management fees, and $0 and $0, respectively, of incentive fees before impact of waived fees.

For the three and six months ended September 30, 2019, the Company recognized $10,190 and $19,729 respectively, of management fees, and $1,911 and $1,911, respectively, of incentive fees before impact of waived fees.

For the three and six months ended September 30, 2020 and 2019, no management fees were waived (as not applicable) and no incentive fees were waived.

As of September 30, 2020 and March 31, 2020, management and performance-based incentive fees payable were $9,262 and $10,289, respectively.

For the three and nine months ended December 31, 2020, the Company recognized $8,957 and $27,743 respectively, of management fees, and $0 and $0, respectively, of incentive fees before impact of waived fees.

For the three and nine months ended December 31, 2019, the Company recognized $10,342 and $30,071 respectively, of management fees, and $71 and $1,983, respectively, of incentive fees before impact of waived fees.

For the three and nine months ended December 31, 2020 and 2019, no management fees were waived (as not applicable) and no incentive fees were waived.

As of December 31, 2020 and March 31, 2020, management and performance-based incentive fees payable were $8,957 and $10,289, respectively.

On January 16, 2019, the Company and AIM entered into a fee offset agreement in connection with revenue realized by AIM and its affiliates for the management of certain aircraft assets.

4 unchanged sentences

The offset will be limited to the amount of incentive fee payable by the Company to AIM and any unapplied fee offset which exceeds the incentive fees payable in a given quarter will carry forward to be credited against the incentive fees payable by the Company in subsequent quarters.

For three and six months ended September 30, 2020 and 2019, there was no fee offset.

For three and nine months ended December 31, 2020 and 2019, there was no fee offset.

APOLLO INVESTMENT CORPORATION

5 unchanged sentences

The expenses include rent and the Company’s allocable portion of compensation and other related expenses for its Chief Financial Officer, Chief Legal Officer and Chief Compliance Officer and their respective staffs.

For the three and six months ended September 30, 2020, the Company recognized administrative services expense under the Administration Agreement of $1,201 and $2,389, respectively.

For the three and six months ended September 30, 2019, the Company recognized administrative services expense under the Administration Agreement of $1,542 and $3,267, respectively.

There was no payable to AIA and its affiliates for expenses paid on our behalf as of September 30, 2020 and March 31, 2020.

For the three and nine months ended December 31, 2020, the Company recognized administrative services expense under the Administration Agreement of $1,201 and $3,590, respectively.

For the three and nine months ended December 31, 2019, the Company recognized administrative services expense under the Administration Agreement of $1,542 and $4,810, respectively.

There was no payable to AIA and its affiliates for expenses paid on our behalf as of December 31, 2020 and March 31, 2020.

Administrative Service Expense Reimbursement

Merx Aviation Finance, LLC (“Merx”), a wholly-owned portfolio company of the Company, has entered into an administration agreement with the Administrator (the “Merx Administration Agreement”) under which AIA provides administrative services to Merx.

For the three and six months ended September 30, 2020, the Company recognized administrative service expense reimbursements of $76 and $150, respectively, under the Merx Administration Agreement.

For the three and six months ended September 30, 2019, the Company recognized administrative service expense reimbursements of $63 and $125, respectively.

For the three and nine months ended December 31, 2020, the Company recognized administrative service expense reimbursements of $76 and $226, respectively, under the Merx Administration Agreement.

For the three and nine months ended December 31, 2019, the Company recognized administrative service expense reimbursements of $62 and $188, respectively.

Debt Expense Reimbursements

The Company has also entered into debt expense reimbursement agreements with Merx and several other portfolio companies which will reimburse the Company for reasonable out-of-pocket expenses incurred, including any interest, fees or other amounts incurred by the Company in connection with letters of credit issued on their behalf.

For the three and six months ended September 30, 2020, the Company recognized debt expense reimbursements of $24 and $60, respectively, under the debt expense reimbursement agreements.

For the three and six months ended September 30, 2019, the Company recognized debt expense reimbursements of $36 and $71, respectively, under the debt expense reimbursement agreements.

For the three and nine months ended December 31, 2020, the Company recognized debt expense reimbursements of $1 and $60, respectively, under the debt expense reimbursement agreements.

For the three and nine months ended December 31, 2019, the Company recognized debt expense reimbursements of $36 and $107, respectively, under the debt expense reimbursement agreements.

Co-Investment Activity

6 unchanged sentences

The Order is subject to certain terms and conditions so there can be no assurance that we will be permitted to co-invest with certain of our affiliates other than in the circumstances currently permitted by regulatory guidance and the Order.

As of September 30, 2020, the Company’s co-investment holdings were 62% of the portfolio or $1,599,243, measured at fair value.

As of December 31, 2020, the Company’s co-investment holdings were 63% of the portfolio or $1,559,615, measured at fair value.

On a cost basis, 57% of the portfolio or $1,569,620 were co-investments.

17 unchanged sentences

In addition, the interest rate on the revolver was lowered from 12% to 10%.

The balance of the Merx revolver as of September 30, 2020 was $200,000.

The balance of the Merx revolver as of December 31, 2020 was $200,000.

Earnings Per Share

The following table sets forth the computation of earnings (loss) per share (“EPS”), pursuant to ASC 260-10, for the three and six months ended September 30, 2020 and 2019:

Three Months Ended September 30, Six Months Ended September 30,

The following table sets forth the computation of earnings (loss) per share (“EPS”), pursuant to ASC 260-10, for the three and nine months ended December 31, 2020 and 2019:

Three Months Ended December 31, Nine Months Ended December 31,

2020 2019 2020 2019

8 unchanged sentences

Fair Value Measurement and Disclosures

The following table shows the composition of our investment as of September 30, 2020, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

The following table shows the composition of our investment as of December 31, 2020, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

Fair Value Hierarchy

28 unchanged sentences

(In thousands, except share and per share data)

The following table shows changes in the fair value of our Level 3 investments during the three months ended September 30, 2020:

The following table shows changes in the fair value of our Level 3 investments during the three months ended December 31, 2020:

First Lien Secured Debt (2) Second Lien Secured Debt (2) Unsecured Debt Structured Products and Other Preferred Equity Common Equity/Interests Warrants Total

Fair value as of June 30, 2020 $ 2,093,720 $ 309,111 $ — $ 9,815 $ 8,720 $ 249,031 $ 217 $ 2,670,614

Fair value as of September 30, 2020 $ 1,998,765 $ 294,549 $ 22,000 $ 9,265 $ 8,023 $ 253,241 $ 265 $ 2,586,108

Net realized gains (losses) (7,615) (1,883) — — (1,505) 4,176 — (6,827)

5 unchanged sentences

Transfers into Level 3 (1) — — — — — — — —

Fair value as of September 30, 2020 $ 1,998,765 $ 294,549 $ 22,000 $ 9,265 $ 8,023 $ 253,241 $ 265 $ 2,586,108

Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2020 $ 12,800 $ 1,766 $ — $ (576) $ (542) $ (27,177) $ 47 $ (13,682)

The following table shows changes in the fair value of our Level 3 investments during the six months ended September 30, 2020:

Fair value as of December 31, 2020 $ 1,928,415 $ 255,516 $ 22,000 $ 10,071 $ 12,253 $ 246,847 $ 1,272 $ 2,476,374

Net change in unrealized gains (losses) on Level 3 investments still held as of December 31, 2020 $ 5,578 $ (6,214) $ — $ 759 $ (2,841) $ 2,477 $ 978 $ 737

The following table shows changes in the fair value of our Level 3 investments during the nine months ended December 31, 2020:

First Lien Secured Debt (2) Second Lien Secured Debt (2) Unsecured Debt Structured Products and Other Preferred Equity Common Equity/Interests Warrants Total

7 unchanged sentences

Transfers into Level 3 (1) — — — — — — — —

Fair value as of September 30, 2020 $ 1,998,765 $ 294,549 $ 22,000 $ 9,265 $ 8,023 $ 253,241 $ 265 $ 2,586,108

Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2020 $ 6,898 $ (1,289) $ — $ (508) $ 199 $ (40,103) $ 128 $ (34,675)

Fair value as of December 31, 2020 $ 1,928,415 $ 255,516 $ 22,000 $ 10,071 $ 12,253 $ 246,847 $ 1,272 $ 2,476,374

Net change in unrealized gains (losses) on Level 3 investments still held as of December 31, 2020 $ 13,413 $ (8,062) $ — $ 250 $ (1,892) $ (37,460) $ 1,108 $ (32,643)

____________________

7 unchanged sentences

(In thousands, except share and per share data)

The following table shows changes in the fair value of our Level 3 investments during the three months ended September 30, 2019:

The following table shows changes in the fair value of our Level 3 investments during the three months ended December 31, 2019:

First Lien Secured Debt (2) Second Lien Secured Debt (2) Unsecured Debt Structured Products and Other Preferred Equity Common Equity/Interests Warrants Total

Fair value as of June 30, 2019 $ 1,794,232 $ 373,949 $ — $ 45,525 $ 28,598 $ 183,398 $ 89 $ 2,425,791

Fair value as of September 30, 2019 $ 2,055,574 $ 344,271 $ — $ 46,370 $ 24,498 $ 175,826 $ 86 $ 2,646,625

Net realized gains (losses) (3,299) — — 7,023 — (6,080) — (2,356)

5 unchanged sentences

Transfers into Level 3 (1) — 33,121 — — — — — 33,121

Fair value as of September 30, 2019 $ 2,055,574 $ 344,271 $ — $ 46,370 $ 24,498 $ 175,826 $ 86 $ 2,646,625

Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2019 $ (18,934) $ (3,449) $ — $ 694 $ (4,102) $ 3,756 $ (3) $ (22,038)

The following table shows changes in the fair value of our Level 3 investments during the six months ended September 30, 2019:

Fair value as of December 31, 2019 $ 2,319,517 $ 320,560 $ — $ 11,820 $ 17,553 $ 199,526 $ 148 $ 2,869,124

Net change in unrealized gains (losses) on Level 3 investments still held as of December 31, 2019 $ 5,052 $ (8,201) $ — $ (441) $ (6,944) $ (6,954) $ 62 $ (17,426)

The following table shows changes in the fair value of our Level 3 investments during the nine months ended December 31, 2019:

First Lien Secured Debt (2) Second Lien Secured Debt (2) Unsecured Debt Structured Products and Other Preferred Equity Common Equity/Interests Warrants Total

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Transfers into Level 3 (1) — 69,254 — — — — — 69,254

Fair value as of September 30, 2019 $ 2,055,574 $ 344,271 $ — $ 46,370 $ 24,498 $ 175,826 $ 86 $ 2,646,625

Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2019 $ (33,008) $ (4,186) $ — $ 500 $ (3,685) $ 2,501 $ (64) $ (37,942)

Fair value as of December 31, 2019 $ 2,319,517 $ 320,560 $ — $ 11,820 $ 17,553 $ 199,526 $ 148 $ 2,869,124

Net change in unrealized gains (losses) on Level 3 investments still held as of December 31, 2019 $ (23,672) $ (14,085) $ — $ (1,199) $ (10,629) $ (9,468) $ (2) $ (59,055)

____________________

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(In thousands, except share and per share data)

The following tables summarize the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of September 30, 2020 and March 31, 2020.

The following tables summarize the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of December 31, 2020 and March 31, 2020.

In addition to the techniques and inputs noted in the tables below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements.

The below tables are not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company’s determination of fair values.

The unobservable inputs used in the fair value measurement of our Level 3 investments as of September 30, 2020 were as follows:

The unobservable inputs used in the fair value measurement of our Level 3 investments as of December 31, 2020 were as follows:

Quantitative Information about Level 3 Fair Value Measurements

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27,692 Recovery Analysis Recoverable Amount N/A N/A N/A

Market Comparable Technique Comparable Multiple 0.5x 7.0x 4.1x

Market Comparable Approach Comparable Multiple 0.4x 1.5x 1.1x

48,067 Recent Transaction Recent Transaction N/A N/A N/A

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1,611,038 Yield Analysis Discount Rate 4.1% 31.5% 8.6%

Second Lien Secured Debt

3,654 Market Comparable Technique Comparable Multiple 8.1x 8.1x 8.1x

8,855 Yield Analysis Discount Rate 15.1% 15.3% 15.3%

Recovery Analysis Recoverable Amount N/A N/A N/A

Second Lien Secured Debt 10,097 Market Comparable Approach Comparable Multiple 6.0x 6.0x 6.0x

8,179 Recovery Analysis Commodity Price 45.50 60.00 57.47

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Structured Products and Other 10,071 Discounted Cash Flow Discount Rate 13.0% 13.0% 13.0%

Preferred Equity

414 Discounted Cash Flow Discount Rate 13.5% 13.5% 13.5%

1,694 Market Comparable Technique Comparable Multiple 0.5x 13.6x 4.1x

Preferred Equity 376 Discounted Cash Flow Discount Rate 13.5% 13.5% 13.5%

6,422 Market Comparable Approach Comparable Multiple 0.4x 14.0x 8.1x

5,455 Option Pricing Model Expected Volatility 88.0% 88.0% 88.0%

— Yield Analysis Discount Rate 31.5% 31.5% 0.0%

Common Equity/Interests

10,739 Discounted Cash Flow Discount Rate 13.5% 31.3% 19.8%

Common Equity/Interests 2,416 Discounted Cash Flow Discount Rate 13.5% 31.5% 20.6%

209,079 Discounted Cash Flow Discount Rate 10.5% 15.5% 12.1%

Residual Value Residual Value N/A N/A N/A

24,895 Implied New Equity Value Implied Illiquidity Discount 19.5% 19.5% 19.5%

7,154 Market Comparable Technique Comparable Multiple 6.0x 13.5x 8.8x

25,145 Recovery Analysis Implied Illiquidity Discount 21.5% 21.5% 21.5%

Market Comparable Approach Transaction Price N/A N/A N/A

7,818 Market Comparable Approach Recent Transaction 0.4x 14.5x 9.3x

219 Recent Transaction Recent Transaction N/A N/A N/A

2,170 Recovery Analysis Commodity Price 43.50 60.00 56.42

— Recovery Analysis Recoverable Amount N/A N/A N/A

265 Option Pricing Model Expected Volatility 35.0% 50.0% 47.4%

Warrants 1,272 Option Pricing Model Expected Volatility 85.0% 901.2% 168.7%

Total Level 3 Investments $ 2,476,374

___________________

(1) The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment.

For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the estimated production level from the underlying reserves.

APOLLO INVESTMENT CORPORATION

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(In thousands, except share and per share data)

(1) The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment.

For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the estimated production level from the underlying reserves.

The unobservable inputs used in the fair value measurement of our Level 3 investments as of March 31, 2020 were as follows:

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Investment Transactions

For the three and six months ended September 30, 2020, purchases of investments on a trade date basis were $105,865 and $243,754, respectively.

For the three and six months ended September 30, 2019, purchases of investments on a trade date basis were $476,738 and $911,997, respectively.

For the three and six months ended September 30, 2020, sales and repayments (including prepayments and unamortized fees) of investments on a trade date basis were $208,969 and $441,828, respectively.

For the three and six months ended September 30, 2019, sales and repayments (including prepayments and unamortized fees) of investments on a trade date basis were $269,681 and $489,943, respectively.

For the three and nine months ended December 31, 2020, purchases of investments on a trade date basis were $157,176 and $400,930, respectively.

For the three and nine months ended December 31, 2019, purchases of investments on a trade date basis were $530,041 and $1,442,037 respectively.

For the three and nine months ended December 31, 2020, sales and repayments (including prepayments and unamortized fees) of investments on a trade date basis were $287,284 and $729,112, respectively.

For the three and nine months ended December 31, 2019, sales and repayments (including prepayments and unamortized fees) of investments on a trade date basis were $359,129 and $849,071, respectively.

The Company holds loans and other investments, including certain preferred equity investments, that have contractual PIK income.

PIK income computed at the contractual rate is accrued into income and reflected as receivable up to the capitalization date.

During the three and six months ended September 30, 2020, PIK income earned was $925 and $2,801, respectively.

During the three and six months ended September 30, 2019, PIK income earned was $1,604 and $7,160, respectively.

The following table shows the change in capitalized PIK balance for the three and six months ended September 30, 2020 and 2019:

Three Months Ended September 30, Six Months Ended September 30,

During the three and nine months ended December 31, 2020, PIK income earned was $1,627 and $4,753, respectively.

During the three and nine months ended December 31, 2019, PIK income earned was $2,633 and $9,792, respectively.

The following table shows the change in capitalized PIK balance for the three and nine months ended December 31, 2020 and 2019:

Three Months Ended December 31, Nine Months Ended December 31,

2020 2019 2020 2019

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The Company records as dividend income the accretable yield from its beneficial interests in structured products such as CLOs based upon a number of cash flow assumptions that are subject to uncertainties and contingencies.

During the three and six months ended September 30, 2020, dividend income from structured products was $331 and $676, respectively.

During the three and six months ended September 30, 2019, dividend income from structured products was $313 and $632, respectively.

During the three and nine months ended December 31, 2020, dividend income from structured products was $323 and $1,000, respectively.

During the three and nine months ended December 31, 2019, dividend income from structured products was $322 and $954, respectively.

Investments on Non-Accrual Status

As of September 30, 2020, 4.9% of total investments at amortized cost, or 1.2% of total investments at fair value, were on non-accrual status.

As of December 31, 2020, 5.6% of total investments at amortized cost, or 1.1% of total investments at fair value, were on non-accrual status.

As of March 31, 2020, 5.1% of total investments at amortized cost, or 1.7% of total investments at fair value, were on non-accrual status.

Unconsolidated Significant Subsidiary

The following unconsolidated subsidiary is considered a significant subsidiary under SEC Regulation S-X Rule 10-01(b)(1) as of September 30, 2020.

The following unconsolidated subsidiary is considered a significant subsidiary under SEC Regulation S-X Rule 10-01(b)(1) as of December 31, 2020.

Accordingly, summarized, unaudited, comparative financial information is presented below for the unconsolidated significant subsidiary.

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The following table shows unaudited summarized financial information for Merx Aviation:

Six Months Ended September 30,

Nine Months Ended December 31,

Net revenue $ 166,578 $ 165,253

Net operating income 2,657 63,852

Earnings before taxes (36,985) (14,960)

Net profit (35,893) (14,703)

Earnings (losses) before taxes (59,084) (14,680)

Net profit (loss) (57,993) (14,423)

*Certain amounts in the prior period have been reclassified to conform with the current period classifications.

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As a result, effective on April 4, 2019, our asset coverage requirement applicable to senior securities was reduced from 200% to 150% (i.e., the revised regulatory leverage limitation permits BDCs to double the amount of borrowings, such that we would be able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us).

The Company’s outstanding debt obligations as of September 30, 2020 were as follows:

The Company’s outstanding debt obligations as of December 31, 2020 were as follows:

Date Issued/Amended Total Aggregate Principal Amount Committed Principal Amount Outstanding Fair Value Final Maturity Date

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* Includes foreign currency debt obligations as outlined in Foreign Currency Transactions and Translations within this note to the financial statements.

(1) The fair value of these debt obligations would be categorized as Level 2 under ASC 820 as of September 30, 2020.

** Lender commitments will remain $1,810,000 through November 19, 2022 and will then decrease to $1,705,000 thereafter

(1) The fair value of these debt obligations would be categorized as Level 2 under ASC 820 as of December 31, 2020.

The valuation is based on broker quoted prices.

(2) The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of September 30, 2020.

(2) The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of December 31, 2020.

The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.

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Senior Secured Facility

On November 19, 2018, the Company amended and restated its senior secured, multi-currency, revolving credit facility (the “Senior Secured Facility”) from the previous December 22, 2016 amendment.

The amended and restated agreement reduced the Company’s minimum asset coverage financial covenant from 200% to 150%, increased the lenders commitments from $1,190,000 to $1,590,000, extended the final maturity date through November 19, 2023, and included an accordion provision which allows the Company to increase the total commitments under the existing revolving facility up to an aggregate principal amount of $2,385,000 from new or existing lenders on the same terms and conditions as the existing commitments.

On February 28, 2019, the Company entered into an amendment to its Senior Secured Facility to increase the multicurrency commitments by $50,000 from $1,590,000 to $1,640,000.

On May 31, 2019, the Company entered into an amendment to its Senior Secured Facility to increase the multicurrency commitments by $70,000 from $1,640,000 to $1,710,000.

On March 13, 2020, the Company entered into an amendment to its Senior Secured Facility to increase the multicurrency commitments by $100,000 from $1,710,000 to $1,810,000 pursuant to the accordion provisions therein.

The accordion provisions under the Senior Secured Facility allow the Company to increase the total commitments under the existing revolving facility up to an aggregate principal amount of $2,385,000 from new or existing lenders on the same terms and conditions as the existing commitments.

On December 22, 2020, the Company amended and restated its senior secured, multi-currency, revolving credit facility (the “Senior Secured Facility”), previously amended and restated as of November 19, 2018.

Lender commitments in the amended and restated agreement will remain $1,810,000 through November 19, 2022 and will decrease to $1,705,000 thereafter.

The amended and restated agreement extended the final maturity date through December 22, 2025, and includes an accordion provision which allows the Company to increase the total commitments under the existing revolving facility up to an aggregate principal amount of $2,715,000 from new or existing lenders on the same terms and conditions as the existing commitments.

The Senior Secured Facility is secured by substantially all of the assets in the Company’s portfolio, including cash and cash equivalents.

Commencing November 30, 2022, the Company is required to repay, in twelve consecutive monthly installments of equal size, the outstanding amount under the Senior Secured Facility as of November 19, 2022.

Commencing December 22, 2024, the Company is required to repay, in twelve consecutive monthly installments of equal size, the outstanding amount under the Senior Secured Facility as of December 22, 2024.

In addition, the stated interest rate on the facility remains as a formula-based calculation based on a minimum borrowing base, resulting in a stated interest rate, depending on the type of borrowing, of (a) either LIBOR plus 1.75% per annum or LIBOR plus 2.00% per annum, or (b) either Alternate Base Rate plus 0.75% per annum or Alternate Base Rate plus 1% per annum.

As of September 30, 2020, the stated interest rate on the facility was LIBOR plus 2.00%.

As of December 31, 2020, the stated interest rate on the facility was LIBOR plus 2.00%.

The Company is required to pay a commitment fee of 0.375% per annum on any unused portion of the Senior Secured Facility and participation fees and fronting fees of up to 2.25% per annum on the letters of credit issued.

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The Senior Secured Facility also provides for the issuance of letters of credit up to an aggregate amount of $150,000.

As of September 30, 2020 and March 31, 2020, the Company had $177 and $6,227, respectively, in standby letters of credit issued through the Senior Secured Facility.

As of December 31, 2020 and March 31, 2020, the Company had $177 and $6,227, respectively, in standby letters of credit issued through the Senior Secured Facility.

The amount available for borrowing under the Senior Secured Facility is reduced by any standby letters of credit issued through the Senior Secured Facility.

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These letters of credit are not senior securities because they are not in the form of a typical financial guarantee and the portfolio companies are obligated to refund any drawn amounts.

The available remaining capacity under the Senior Secured Facility was $555,197 and $354,371 as of September 30, 2020 and March 31, 2020, respectively.

The available remaining capacity under the Senior Secured Facility was $643,457 and $354,371 as of December 31, 2020 and March 31, 2020, respectively.

Terms used in this disclosure have the meanings set forth in the Senior Secured Facility agreement.

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On August 12, 2019, the Company redeemed the entire $150,000 aggregate principal amount outstanding of the 2043 Notes in accordance with the terms of the indenture governing the 2043 Notes, before its stated maturity date, which resulted in a realized loss on the extinguishment of debt of $4,375.

The following table summarizes the average and maximum debt outstanding, and the interest and debt issuance cost for the three and six months ended September 30, 2020 and 2019:

Three Months Ended September 30, Six Months Ended September 30,

The following table summarizes the average and maximum debt outstanding, and the interest and debt issuance cost for the three and nine months ended December 31, 2020 and 2019:

Three Months Ended December 31, Nine Months Ended December 31,

2020 2019 2020 2019

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(1) Includes the stated interest expense and commitment fees on the unused portion of the Senior Secured Facility.

Commitment fees for the three and six months ended September 30, 2020 were $467 and $806 respectively.

Commitment fees for the three and six months ended September 30, 2019 were $595 and $1,439, respectively.

Commitment fees for the three and nine months ended December 31, 2020 were $598 and $1,404 respectively.

Commitment fees for the three and nine months ended December 31, 2019 were $446 and $1,886, respectively.

APOLLO INVESTMENT CORPORATION

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Foreign Currency Transactions and Translations

The Company had the following foreign-denominated debt outstanding on the Senior Secured Facility as of September 30, 2020:

The Company had the following foreign-denominated debt outstanding on the Senior Secured Facility as of December 31, 2020:

Original Principal Amount (Local) Original Principal Amount (USD) Principal Amount Outstanding Unrealized Gain/(Loss) Reset Date

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British Pound £ 99,000 122,905 135,328 (12,423) 1/29/2021

British Pound £ 3,000 3,523 3,878 (355) 10/26/2020

British Pound £ 96,000 119,382 124,109 (4,727) 10/30/2020

Australian Dollar A$ 1,000 701 772 (71) 1/21/2021

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$ 176,265 $ 174,795 $ 1,470

As of September 30, 2020 and March 31, 2020, the Company was in compliance with all debt covenants for all outstanding debt obligations.

As of December 31, 2020 and March 31, 2020, the Company was in compliance with all debt covenants for all outstanding debt obligations.

APOLLO INVESTMENT CORPORATION

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Stockholders’ Equity

There were no equity offerings of common stock during the three and six months ended September 30, 2020 and March 31, 2020.

There were no equity offerings of common stock during the three and nine months ended December 31, 2020 and March 31, 2020.

The Company adopted the following plans, approved by the Board of Directors, for the purpose of repurchasing its common stock in accordance with applicable rules specified in the Securities Exchange Act of 1934 (the “1934 Act”) (the “Repurchase Plans”):

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February 6, 2019 50,000 23,071 26,929

Total as of September 30, 2020 $ 250,000 $ 223,071 $ 26,929

Total as of December 31, 2020 $ 250,000 $ 223,071 $ 26,929

The Repurchase Plans were designed to allow the Company to repurchase its shares both during its open window periods and at times when it otherwise might be prevented from doing so under applicable insider trading laws or because of self-imposed trading blackout periods.

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(In thousands, except share and per share data)

During the six months ended September 30, 2020, the Company did not repurchase shares.

During the six months ended September 30, 2019, the Company repurchased 1,829,634 shares at a weighted average price per share of $16.03, inclusive of commissions, for a total cost of $29,337.

This represents a discount of approximately 15.24% of the average net asset value per share for the six months ended September 30, 2019.

Since the inception of the Repurchase Plans through September 30, 2020, the Company repurchased 13,654,578 shares at a weighted average price per share of $16.34, inclusive of commissions, for a total cost of $223,072.

During the nine months ended December 31, 2020, the Company did not repurchase shares.

During the nine months ended December 31, 2019, the Company repurchased 2,331,245 shares at a weighted average price per share of $15.95, inclusive of commissions, for a total cost of $37,187.

This represents a discount of approximately 14.95% of the average net asset value per share for the nine months ended December 31, 2019.

Since the inception of the Repurchase Plans through December 31, 2020, the Company repurchased 13,654,578 shares at a weighted average price per share of $16.34, inclusive of commissions, for a total cost of $223,072.

Including fractional shares, the company has repurchased 13,654,608 shares at a weighted average price per share of $16.34, inclusive of commissions for a total cost of $223,072.

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The Company has various commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies.

As of September 30, 2020 and March 31, 2020, the Company had the following unfunded commitments to its portfolio companies:

September 30, 2020 March 31, 2020

As of December 31, 2020 and March 31, 2020, the Company had the following unfunded commitments to its portfolio companies:

December 31, 2020 March 31, 2020

Unfunded revolver obligations and bridge loan commitments (1) $ 307,623 $ 269,716

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(1) The unfunded revolver obligations may or may not be funded to the borrowing party in the future.

The amounts relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers as of September 30, 2020 and March 31, 2020, subject to the terms of each loan’s respective credit agreements which includes borrowing covenants that need to be met prior to funding.

As of September 30, 2020 and March 31, 2020, the bridge loan commitments included in the balances were $0 and $15,050, respectively.

The amounts relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers as of December 31, 2020 and March 31, 2020, subject to the terms of each loan’s respective credit agreements which includes borrowing covenants that need to be met prior to funding.

As of December 31, 2020 and March 31, 2020, the bridge loan commitments included in the balances were $50,269 and $15,050, respectively.

(2) For all these letters of credit issued and outstanding, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations.

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For commitments to fund delayed draw loans with performance thresholds, borrowers are required to meet certain performance requirements before the Company is obligated to fulfill these commitments.

(4) The Company also had an unfunded revolver commitment to its fully controlled affiliate Merx Aviation Finance, LLC of $100,000 and $194,700 as of September 30, 2020 and March 31, 2020, respectively.

(4) The Company also had an unfunded revolver commitment to its fully controlled affiliate Merx Aviation Finance, LLC of $100,000 and $194,700 as of December 31, 2020 and March 31, 2020, respectively.

Given the Company’s controlling interest, the timing and the amount of the funding has not been determined.

As further discussed in Note 2, the full extent of the impact of COVID-19 on the global economy generally, and the Company’s business in particular is uncertain.

As of September 30, 2020, no contingencies have been recorded on the Company’s Statement of Assets and Liabilities as a result of COVID-19, however as the global pandemic continues and the economic implications worsen, it may have long-term impacts on the Company’s financial condition, results of operations, and cash flows.

As of December 31, 2020, no contingencies have been recorded on the Company’s Statements of Assets and Liabilities as a result of COVID-19, however as the global pandemic continues and the economic implications worsen, it may have long-term impacts on the Company’s financial condition, results of operations, and cash flows.

Refer to Note 2 for further discussion of COVID-19.

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Financial Highlights

The following is a schedule of financial highlights for the six months ended September 30, 2020 and 2019.

Six Months Ended September 30, 2020 Six Months Ended September 30, 2019

The following is a schedule of financial highlights for the nine months ended December 31, 2020 and 2019.

Nine Months Ended December 31, 2020 Nine Months Ended December 31, 2019

(Unaudited) (Unaudited)

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(2) The tax character of distributions are determined based on taxable income calculated in accordance with income tax regulations which may differ from amounts determined under GAAP.

Although the tax character of distributions paid to stockholders through September 30, 2020 may include return of capital, the exact amount cannot be determined at this point.

Although the tax character of distributions paid to stockholders through December 31, 2020 may include return of capital, the exact amount cannot be determined at this point.

Per share amounts are based on actual rate per share.

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(4) The ratio of operating expenses to average net assets and the ratio of total expenses to average net assets are shown inclusive of all voluntary management and incentive fee waivers (See Note 3 to the financial statements).

For the six months ended September 30, 2020, the annualized ratio of operating expenses to average net assets and the annualized ratio of total expenses to average net assets would be 5.21% and 10.99%, respectively, without the voluntary fee waivers.

For the six months ended September 30, 2019 the ratio of operating expenses to average net assets and the ratio of total expenses to average net assets would be 4.75% and 10.39%, respectively, without the voluntary fee waivers.

(5) Annualized for the six months ended September 30, 2020 and September 30, 2019.

For the nine months ended December 31, 2020, the annualized ratio of operating expenses to average net assets and the annualized ratio of total expenses to average net assets would be 5.16% and 10.73%, respectively, without the voluntary fee waivers.

For the nine months ended December 31, 2019 the ratio of operating expenses to average net assets and the ratio of total expenses to average net assets would be 4.69% and 10.40%, respectively, without the voluntary fee waivers.

(5) Annualized for the nine months ended December 31, 2020 and December 31, 2019.

(6) The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness.

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Management has evaluated subsequent events through the date of issuance of these financial statements and has determined that there are no subsequent events outside the ordinary scope of business that require adjustment to, or disclosure in, the financial statements other than those disclosed below.

The Company believes the estimates and assumptions underlying our financial statements are reasonable and supportable based on the information available as of September 30, 2020.

The Company believes the estimates and assumptions underlying our financial statements are reasonable and supportable based on the information available as of December 31, 2020.

However uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of December 31, 2020 inherently less certain than they would be absent the current and potential impacts of COVID-19.

Actual results may ultimately differ from those estimates.

1 unchanged sentence

See Note 2 for information regarding the potential impact of the COVID-19 pandemic.

On November 5, 2020, the Company’s Board of Directors (the “Board”) declared a distribution of $0.31 per share, payable on January 7, 2021 to stockholders of record as of December 21, 2020.

On November 5, 2020, the Company’s Board also declared a supplemental distribution of $0.05 per share payable on January 7, 2021 to stockholders of record as of December 21, 2020.

On February 4, 2021, the Company’s Board of Directors (the “Board”) declared a distribution of $0.31 per share, payable on April 5, 2021 to stockholders of record as of March 19, 2021.

On February 4, 2021, the Company’s Board also declared a supplemental distribution of $0.05 per share payable on April 5, 2021 to stockholders of record as of March 19, 2021.

Going forward, in addition to a quarterly base distribution of $0.31 per share, the Board expects to declare a quarterly supplemental distribution in an amount to be determined each quarter.

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Results of Review of Interim Financial Statements

We have reviewed the accompanying statement of assets and liabilities, including the schedule of investments, of Apollo Investment Corporation (the “Company”) as of September 30, 2020, and the related statements of operations and of changes in net assets for the three-month and six-month periods ended September 30, 2020 and 2019, and the statements of cash flows for the six-month periods ended September 30, 2020 and 2019, including the related notes (collectively referred to as the “interim financial statements”).

We have reviewed the accompanying statement of assets and liabilities, including the schedule of investments, of Apollo Investment Corporation (the “Company”) as of December 31, 2020, and the related statements of operations and of changes in net assets for the three-month and nine-month periods ended December 31, 2020 and 2019, and the statements of cash flows for the nine-month periods ended December 31, 2020 and 2019, including the related notes (collectively referred to as the “interim financial statements”).

Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.

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New York, New York

November 5, 2020

February 4, 2021

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements